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What are the tax consequences if a family member refinances your mortgage?
Wiki User
∙ 19y ago
bankrate.com ... this article explains what you probably need to know. There seems to be a federal minimum rate (which varies by the amount and term of the loan), which must be charged before it's considered a gift. There may be a way around it, however.
Wiki User
∙ 19y ago
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Is it legal to transfer your mortgage to your family member?
It depends, and if ever it is possible the family member that you would transfer your mortgage to, would be liable for the repayment of the debt of your mortgage.
When a family member dies can another family member takes over there property legally with a reverse mortgage?
No. The reverse mortgage must be paid off first.
Can you get a gift of equity from a non family member?
No, you cannot legally get a gift of equity from a non family member. A gift of equity always has tax consequences, such as capital gains.
If for you borrow 3000.00 for a down payment from a family member and you fall behind in repayment can they force you out of your home if you still owe 600000 to another lender?
Generally: If you signed a promissory note the family member can sue you and obtain a judgment lien. Once recorded you cannot sell or mortgage the property until the lien is paid. Your family member cannot take your home unless they recorded a mortgage in the land records that reserved the right to foreclose. If they foreclose, they would take the property subject to the mortgage and would need to make the mortgage payments.
Can a family member live in your house if they are not on the mortgage or deed?
Of course they can. Anyone that you permit may live in your house.
Can a family member take a loan against a home that has not been to probate yet?
The lender is free to consider whatever prospective assets it wants to when making a loan. The family member wouldn't be able to mortgage the property until they had title to it.
How do you change the title of your home to a family member?
To change the title of your home to a family member, you would need to go through a legal process known as a property transfer. This typically involves completing a deed transfer, paying any required fees, and updating the title with the appropriate local authority. It's important to consult with a real estate attorney or a local housing authority for guidance on how to proceed with this process.
Do you report the sale of land to a family member?
You need to report the sale. The deed needs to be reported, the taxes evaluated and their may be income tax consequences.
Can a mortgage be taken over by your daughter at your death if you have this written in your will?
No. The bank owns the mortgage and you have no such control over it. Some lenders will allow a family member who inherits property to assume the mortgage but that's their call. You should read through all the documents you signed when you granted that mortgage looking for any language in the mortgage that mentions assumption by heirs. Otherwise, call the bank and ask about its policy.
Can you go to prison for letting an illegal family member live in your house?
It's unlikely that you would go to prison for letting an illegal family member live in your house, as this is typically not a criminal offense. However, there could be legal consequences for harboring someone who is in the country illegally, such as fines or deportation for the family member. It's advisable to seek legal advice in such situations.
Quit claim to a family member to avoid forclosure?
Quit claiming title to a family member will not avoid foreclosure because the mortgage lien on the property has not been satisfied and the lender has a claim on the property. It will not cause the foreclosure proceedings on the property to cease and the lender will seek a judgment from the civil court.
What is a baby of the family?
A baby of the family is either the youngest member of the family, or a member of an immediate family who is treated as if he or she is the youngest member of the family.
